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July 19, 2023 at 03:55 PM
What You Need to Know
- Less than half of adults who expect an inheritance say they feel very comfortable they'll be able to handle the new wealth.
- Millennials and Generation Z were less likely to say they plan to support themselves with Social Security in retirement.
- LGBTQ+ respondents reported feeling more anxiety over their finances than heterosexual respondents.
Fifteen percent of Americans expect to receive an inheritance in the next decade as the “Great Wealth Transfer” builds up steam, but not all beneficiaries are confident they can manage the funds, according to a survey released Wednesday by New York Life.
The survey also found that overall, Americans’ financial progress is being impeded by inflation, increasing credit card debt and unexpected expenses.
“We are still in a turbulent economic environment,” Suzanne Schmitt, head of financial wellness at New York Life, said in a statement. “The data show us that people continue to be focused on the basics — paying down debt, building emergency savings, and contributing to their retirement — but it can feel incredibly difficult to plan for longer-term goals like buying a home, growing your family or retiring when day-to-day challenges are occupying your time and attention.”
The online poll was conducted in early June among a sample of 4,437 adults. The interviews were conducted online.
Wealth Transfer Challenges
According to the survey, 17% of adults received an inheritance from a parent, spouse, family member or another individual in the past 10 years. Among those who anticipate receiving one in the future, 71% said they expect it to come from their parents/guardians, and 21% said their spouse.
Of these, 58% expect cash, 43% owned property such as a house, 28% investments, 24% proceeds from a life insurance policy, 21% jewelry or other family heirlooms and 14% an annuity.
On average, adults who expect to receive an inheritance anticipate receiving a value of $738,724, New York Life said.
The survey results showed that 58% of respondents who expect to receive an inheritance anticipate that inflation will have a large or medium effect on the value of their inheritance, and only 42% of adults who expect to receive an inheritance said they feel very comfortable financially handling the new wealth.
Twenty-three percent of female beneficiaries said they feel uncomfortable managing their inheritance, compared with 12% of their male counterparts.
